| Author |
 Replies: 17 / Views: 3,975 |
|
Pillar of the Community
United States
4867 Posts |
|
|
|
|
Rest in Peace
United States
18456 Posts |
I'm assuming virtually all of these Morgan's are chuck full of bag marks as the photos show . BU= MS-61 to 62 .  |
|
Pillar of the Community
Canada
586 Posts |
Coin is legit, I found it in there registry.
I also found this in a forum chat hope it helps.
Brilliant Uncirculated are mint state coins - so somewhere in the MS60 through MS70 range - but most likely in the common area for that issue (MS63-65), as most likely rolls of coins were submitted by the 'SHAM?SCAM' television marketers who rely on new buyers to not know how bad they are getting reamed.
They paid NGC a couple bucks to put into a slab so they could sell to newbies for $10+ what they could have gotten at a bank for $1 (less the cool NGC slab)
Some people collect slab varieties or sample slabs, but rarely pay much more than value of coin inside for them.
|
|
Pillar of the Community
 United States
5663 Posts |
According to this pop report, the majority of New York Bank Hoard coins graded 63 or 64, and none graded 61 or 62. Did they just put the grades on labels if they were 64 or higher, and call the 63's BU? https://coinweek.com/us-coins/coinw...ollar-hoard/ |
|
Pillar of the Community
 United States
4867 Posts |
This it turning out to be quite interesting...  But the question remains, why didn't NGC assign a numerical grade? Isn't that kinda the point of getting a coin slabbed? BU could be anything in the MS range. |
|
Bedrock of the Community
13014 Posts |
Quote:
. But the question remains, why didn't NGC assign a numerical grade? I They did but the submitter chose to have the BU listed instead of trying to sell 62s. They had a minimum grade for numerical grades and the ones that didn't reach the threshold got the BU slabs |
|
Rest in Peace
United States
10625 Posts |
The OP link is to a $40 Morgan with a $59 label. To each his own however...
|
|
Pillar of the Community
United States
744 Posts |
I've seen ones like that, that were labeled "Stage Coach Series" BU but ungraded... I think they were going for about $50-$55 each for common dates.
Good for breaking out into albums.
Paying an extra $50 to have NY Hoard on the label is not my cup of tea...
|
|
Pillar of the Community
United States
4867 Posts |
I'm not planning on buying these, was just confused as to why the submitter chose to have them labeled BU rather than a numerical grade. Do TPG services charge more or less for this? |
|
Bedrock of the Community
13014 Posts |
Quote:Do TPG services charge more or less for this? It's cheaper. |
|
Bedrock of the Community
United States
17884 Posts |
If you add up the numbers in the article, all the coins that graded 63 or better, it comes to 12,862. So 3,138 of the coins graded less than 63, nearly 20% of the hoard, these would be coins hardly worth having graded because the fess would be close to the value of the coins and they would be harder to move. So they cut a deal with NGC to slab the entire hoard, that gave them a big discount on the slabbing fees, and then to only put a grade on those coins that graded 63 or better. Those that don't receive a numerical grade got the generic Brilliant Uncirculated label with an even greater reduction in fees. They were probably slabbed at $5 to $8 per coin. That gave the submitter a larger profit margin to make up for the time it would take to sell them. Frequently coins like that are then sold in bulk to the TV people to sell at inflated prices to non-collectors after the story is hyped. This is seen for many large hoards that get slabbed.
|
|
Valued Member
United States
114 Posts |
Thanks to everyone who clarified this, I mean isn't the point of having a coin in a slab to 1. verify its authenticity, and 2. get a grade? Doesn't seem like it's worth a premium to get an ungraded example.
|
|
Bedrock of the Community
United States
12057 Posts |
The same approach was used with coins from the Binion Hoard hoard, among others.
The vast majority of the coins will be bargain-slabbed with these non-grades.
The "best of the rest" will receive separate grading and probably special labels.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
|
Bedrock of the Community
United States
17884 Posts |
Quote:
isn't the point of having a coin in a slab to 1. verify its authenticity, and 2. get a grade? Doesn't seem like it's worth a premium to get an ungraded example. Usually, but in the case of publicized/hyped hoards, there really isn't any question about authenticity, and by having the whole hoard put in holders the submitter one, saves on fees, two, saves even more on fees by not having the low end coins numerically graded, and three still get the low end coins in a slab that identifies them as being part of the hoard allowing them to be sold at a inflated price. Having a numerical grade on the low end coins would not significantly increase their hyped price, but would increase the over all cost for slabbing the deal. And to continue the theme I started earlier, these are common date/mint coins and 63's usually don't bring a larger premium for them either. 40% of the hoard were 63's. Edited by Conder101
09/02/2018 8:34 pm
|
|
Pillar of the Community
United States
3210 Posts |
This was also to save time and money probably. This hoard had 16,000 morgans. Imagine sitting all day grading multiple hundreds of the same date and mintmark. I'm sure when they were being sorted they knew which ones would grade super high and the ones that would be ms63/64 range. NGC graded all of them. I know there were quite a few higher grade examples that came out like ms67 grades and a few super toners.
|
|
Valued Member
United States
180 Posts |
Makes me wonder how many more bags are out there languishing in bank vaults.
|
| |
Replies: 17 / Views: 3,975 |
Posted 08/29/2018 09:32 am
